New regulatory changes have created the potential to enable smaller institutions to compete more effectively with their larger peers — if they're willing to seize the opportunity.

While it's true that the National Credit Union Administration needs the authority to regulate third-party vendors, credit unions themselves have considerable power to force vendors to observe best practices.

The National Credit Union Administration lacks the authority to regulate third-party vendors that supply vital services to the industry. This creates a major risk to credit union customers and the broader U.S. economy.

Credit unions don't enjoy an unfair advantage. What they do is reinvest in their members and their communities in a way banks often do not.

Leaving credit unions exempt from the Community Reinvestment Act preserves a gaping hole in regulations designed to make sure that financial services firms make loans available in underserved communities across the country.